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When a couple has substantial assets, divorce can have a lasting impact on each spouse’s financial security. At Mette Attorneys at Law, our high-asset divorce attorneys in Harrisburg, PA help clients address the challenges that may arise during the process of dividing property.
Identifying and Valuing Assets
While property division typically requires spouses to disclose their finances, our lawyers work to keep sensitive information as private as possible by limiting unnecessary disclosure of business interests or other important financial records. The process of dividing property starts by identifying assets as either:
- Marital assets. Property acquired during the marriage is typically considered marital property and is subject to equitable division.
- Separate assets. Property acquired before the marriage, as well as certain property received through an inheritance or gift, may remain separate and is generally not divided in a divorce. However, they may become subject to division if they are mixed with marital property or increase in value during marriage.
Our team can then work closely with financial professionals to review your information and determine the exact value of your assets. However, each asset may require a different approach to determine how it should be handled. For example, taxes can reduce the value of certain assets after the divorce. One spouse may receive a $500,000 retirement account while the other receives $500,000 in cash. If the retirement account is subject to taxes when the money is withdrawn, our team can factor this in when negotiating property division.
Business and Professional Interests
If your business increased in value during your marriage, our attorneys can examine when that increase occurred and what portion may be considered marital property. Once we determine how much of the business is part of the marital estate and what that interest is worth, we can determine how it should be handled in the divorce. For example, you may keep the business while your spouse receives other marital assets to account for the business’s value.
Investments
If investment and retirement accounts contain marital property, they may become subject to division during divorce. For example, if a spouse opened an investment account before the marriage but added money to it during the marriage, that added money may be subject to division.
Retirement Accounts
Retirement accounts can be divided during a divorce, but their total value may be affected by taxes, fees, withdrawal rules, and the type of retirement plan.
Trusts
A trust can affect property division when one spouse has an interest in the trust but does not directly own the assets held in it. The terms of the trust, when it was created, how it was funded, and the spouse’s rights to receive money or other assets can determine how it is treated in the divorce.
Executive Compensation
Executive compensation can affect property division when benefits are earned during the marriage but received later. Stock options, restricted stock, bonuses, and deferred compensation may need to be reviewed to determine if any portion should be included in the property division.
Get Representation from a High Net Worth Divorce Lawyer in PA
Without a comprehensive review, important financial considerations can be overlooked and you may walk away from your divorce with less than you deserve. To learn how we can help you during your high-value divorce case, contact Mette Attorneys at Law today at 717-232-5000 or through our online contact form.